Iris Energy Limited, a bitcoin mining company listed on the Nasdaq, has announced a significant increase in its hashrate to 9 exahash per second (EH/s) and has set a goal to reach 10 EH/s by next month. This comes at a time when the hashprice of Bitcoin has experienced a considerable decline, putting pressure on mining operations.
In addition to the hashrate boost, Iris Energy has also revealed plans for further expansion. The company aims to achieve a total hashrate of 20 EH/s by the end of the year. Furthermore, Iris plans to improve the energy efficiency of its mining fleet to 21.9 joules per terahash (J/T).
To achieve these goals, Iris Energy, along with other publicly listed mining firms, has been acquiring new mining machines from ASIC mining rig manufacturers. These newer devices have a lower J/T efficiency compared to earlier models. Iris Energy invested $19.6 million in S21 Bitmain brand Antminers in October 2023 and added 7,000 T21 Antminers in November. The company secured an additional 8,380 T21 Antminers the following month.
Miners are currently facing challenging times, as the halving event, which occurred at block height 840,000, has significantly impacted their earnings. Prior to the halving, miners earned over $100 per petahash per second (PH/s) per day. However, the current hashprice has dropped to $48.62 per petahash. In order to mitigate losses, companies like Iris Energy have diversified their operations by providing artificial intelligence (AI) computing data alongside their mining activities.
Furthermore, Iris Energy has announced plans to increase its capacity by an additional 50 megawatts (MW) once the Childress Phase 3 is completed this year. This expansion will boost the company’s data center capacity from 460 MW to 510 MW by the end of 2024. The increase in capacity is partly due to a new substation design and continuous improvements in construction and procurement processes.
What are your thoughts on Iris Energy’s boost to 9 EH/s? Share your opinions in the comment section below.
